NDML Secures Over £5.2M of COVID-19 Business Interruption Claims From Hiscox
Hiscox Business Interruption Claimants Represented by NDML & the NTIA Benefit from £73,000 per policyholder
• NDML has secured over £5.2m of COVID-19 Business Interruption claims from Hiscox for 72 claimants delivering an average settlement of almost £73k per claimant.
• These policyholders will receive 100% of their settlement with no administration or legal fees deducted.
• Demonstrates the value of trusting an industry specialist broker & associations to fight on behalf of businesses.
NDML and the Night Time Industries Association (NTIA) can today announce that their 72 Hiscox Business Interruption claimants affected by the Supreme Court FCA Test Case have benefited from over £5.2 million of settlement from Hiscox. This is an initial figure, with more claims still to be finalised between NDML & Hiscox.
Split between the 72 claimants, this gives businesses represented by NDML & the NTIA an average pay out of almost £73,000 each.
NDML & the NTIA mounted legal challenges and appointed leisure industry specialist barrister Philip Kolvin QC who supported the action pro bono. This collective then went on to support the FCA’s test case with the Supreme Court to
challenge Hiscox and other insurers’ positions on business interruption claims. This impressive settlement figure demonstrates the importance of working with industry specialists who are dedicated to fighting for the businesses most affected by the pandemic.
After the legal challenges were concluded, NDML were able to expedite their policyholder’s claims. This is thanks to Hiscox being supportive and providing a specialist team committed to handling these settlements quickly. The hard work undertaken by the NDML claims team & their policyholders allowed these claims to be amongst the first processed with all supporting data prepared immediately after the Supreme Court judgement was handed down.
NDML Managing Director, Simon Mabb commented: “I’m incredibly proud of the team effort that brought us to where we are today. From our in-house claims specialists, to Michael Kill & the NTIA team, to the invaluable efforts contributed by Philip Kolvin. The hard work has paid off, and I’m really pleased to see our policy holders receiving some of the highest business interruption settlements following COVID-19, thanks to the trust they placed in us from the very start. We’re now all looking forward to seeing the industry get fully back on its feet and forge a path to recovery.”
Following this positive news after a long and hard campaign, NDML & the NTIA want to offer their thanks to the policyholders who trusted in the work that was done to protect them, and to Hiscox for working quickly to settle their claims. The industry specialist broker and association are committed to continuing to fight to protect
business in the leisure & hospitality industry.